Altus Shipping delays IPO

By Er Audy Zandri

Previously rumored to have plans for an Initial Public Offering at the Indonesian Stock Exchange, SGX listed Altus Shipping said it will not do it this year.

"The current market is really non-supportive, which makes it a bad timing for an IPO," a source in the company said to Petromindo.com.

Another source in the company conveyed similar point.

"I don't think there will be enough time if we pushed to have an IPO this year," he said.

Despite being an SGX listed company, Altus has most of its operations focused in Indonesia, with representative offices in major Indonesian cities like Jakarta, Surabaya, Pekanbaru, Balikpapan, Banjarmasin, Samarinda, Belawan, Bojonegoro, Banyuwangi, Batam, Celukan Bawang, Lhokseumawe, Gresik, Medan and Tarakan.

Editing by David Mustakim